Ugo Colombo Still Plans To Break Ground On Brickell Flatiron This Year

CMC Group is moving forward ‘at full course’ with Brickell Flatiron, and CMC’s Ugo Colombo might still develop the 830 Brickell project if he finds a partner, a source with the developer told TNM.

Between 200 and 250 units at Brickell Flatiron have now been reserved, or almost 40% of the 549 units available for sale. Contracts continue to come in, at a rate which the source insisted was comparable to other competing projects.

The building is also within striking distance of the 50% reserved mark needed to break ground. Colombo is said to be in talks with multiple banks for financing.

Although groundbreaking has been delayed from earlier forecasts, the CMC source attributes this to Colombo’s meticulous attention to detail. The developer is now targeting an October groundbreaking.

The project is now being bid on by subcontractors, with Tutor Perrini managing the process. Tutor Perrini is also the general contractor of Tibor Hollo’s $255 million Panorama Tower, under construction nearby.

830 Brickell, which was recently listed for sale, has a separate ownership structure from Flatiron.

Colombo successfully completed the Santa Maria condo tower during a weak market in the 90s and the Epic condo project during the 2008 crash. He is said to be looking for other opportunities in Miami, including a possible oceanfront project. CMC will also launch sales soon on The Collection Residences in Coral Gables, together with a partner.

 

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Anonymous
5 years ago

Hey if it happens good on em, but when I was at the sales center a month ago they were still at less than 33% sales, which is the number they announced back in January. Let’s not forget Epic and Santa Maria were direct waterfront lots, which are less susceptible to weak markets. Colombo’s target consumers in particular are much more inclined to waterfront property.

Anonymous
5 years ago

Doubt the Russian will put more equity into this project…have brokers been paid?? probably they will start moving their clients somewhere else.

Anonymous
5 years ago

This project has been paying commissions for some time now! So much negative vibes towards an Ugo Colombo project! lol

Marc305
5 years ago

I agree with the second Anonymous. Ugo is the same guy who built the Santa Maria and Epic just to name a few! They act as if this is his first time in the ring, bunch of haters lol.

Anonymous
5 years ago

U go a go go

Anonymous
5 years ago

Not hating, I just think the Flatiron would do much better for Colombo and the neighborhood if it were located at 830 Brickell. Better views from 830 and the Flatiron lot should be developed into a low key mixed use project that continues the vibe of Mary Brickell village south. The next boom in Brickell will be retail once all these new people move in and will want more dining/shopping options.

Yet Another Anonymous
5 years ago

As much as people say things “aren’t about ocean/unobstructed views anymore” ALL of these renders are still being very deceptive. I understand not including ground work or even under construction buildings cause you never know but seriously they leave out buildings that are almost 10 years old.

Anonymous
5 years ago

This is so true! This project is enclosed on practically all sides… it has no views except for the very top floors. Have they even gotten the FAA approval for the height they are seeking?

Anonymous
5 years ago

People are not saying things “aren’t about ocean/unobstructed views anymore.” Some people say that if ocean views are not complemented by convenient and exciting surroundings like FlatIron will be, then all you have is the ability to stare at the ocean until it’s time for bed. Personally, I wouldn’t like the monotony of always having the ocean right there to see, I would rather take a drive every now an then and get a refreshing sight of it.

Yet Another Anonymous
5 years ago

“Stare at the ocean until it’s time for bed”……with a beautiful woman because they have the cliche billionaire pad.

Anonymous
5 years ago

“cliche billionaire pad”

Yeah, right…lol…………

Anonymous
5 years ago

If you’re familiar with the ocean view from Brickell there’s nothing monotonous about it, you face south beach, the port, fisher island, virginia key and key biscayne…all of which have glowing lights at night. It’s what makes the ocean view from Brickell actually superior to direct water views on the beach. The thing is, people don’t want to buy in the Flatiron when they know lots like One Brickell, Villa Magna, and Epic II are going to be developed soon, with both great location and the amenities/views.

Anonymous
5 years ago

FlatIron is going to be the most centrally located building of it’s size in the Brickell area. The commodities at the street level that are already surrounding the FlatIron site with more to come will make for an excellent shopping, dining, bar and club, walking experience. On those cool breezy nights, the atmosphere is going to be awsome. The convience of the nearby metromover is a priceless bonus.

And FlatIron will have an unusual plus – It’s own little pocket park!

Yes, regardless of the doubting Toms, FlatIron is going be a great project in great location.

CEC
5 years ago

Colombo will get the job done. As for the views, they will be beautiful both day and night. Convenient-everything within walking distance.

Anonymous
5 years ago

Uh Huh. Yep totally still moving foward. Totally going to break ground soon you guys. Just like when we said we would by the end of January. Then by the end of March. Totally going to break ground in October guys. Totally.

Anonymous
5 years ago

What a travesty, someone get a rope!

Shessh, get a grip man. If Colombo was the first developer to push ground breaking up on one of his projects in Miami, then I would agree complaints are warranted. I think the naysayers who have been constantly predicting that FlatIron will not get built are now feeling anxious about this bit of news because they now feel that they are becoming dangerously close to sounding stupid.

Anonymous
5 years ago

Right its the people who note that Colombo has already promised to break ground twice, failed to do so, and now promised yet again to break ground months from now that sound stupid.

Anonymous
5 years ago

Colombo promised….promised who?

CEC
5 years ago

Colombo will get the job done